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May 19, 2014, 07:49:00 AM |
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Despite the recent controversies that
have cast a shadow on the
international chapter of the Bitcoin
Foundation, its local affiliate
chapters are in the midst
of developments that
are highlighting the organisation’s
purpose in both the bitcoin industry
and the world at large.
In Canada, the foundation is
growing, and those who are getting
involved in the structure are hopeful
about its ability to positively
influence the local bitcoin space.
The Canadian Chapter of the Bitcoin
Foundation (hereon referred to as
Bitcoin Foundation Canada) recently
elected two new members to its
board of directors – one to fill the
Industry seat, and one to fill the
Individual seat, with the election
fully concluding this past week.
Both new members have been met
with optimism from the community,
though challenges for the ecosystem
lie ahead, especially in light of
recent announcements from the
Bank of Canada that have cast doubt
on bitcoin’s long-term viability.
Bitcoin Foundation Canada is the
official chapter of its
parent organization – the Bitcoin
Foundation – and, as such, seeks
to accomplish the same:
‘standardise, protect and promote’
bitcoin.
The chapter is focused solely on the
inclusive and transparent ways
to defend these interests in Canada.
Emerging leaders
Throughout March and April, Bitcoin
Foundation members across Canada
were invited to submit their
candidacy for a seat on the board of
directors for the Canadian chapter.
Six individuals applied for
the Individual seat, and four
companies competed for the
industry seat. The Canadian Bitcoin
Foundation opted to use Helios ,
a voting platform that sought to
ensure transparency via ballot
encryption.
Voting commenced on the
28th 11:59, with a further round of
voting beginning on the 13th due to
a tie in the industry election.
On 5th May, the individual seat was
awarded to Jillian Friedman, with
50% of all ballots cast.
The victory was seen as a positive for
the foundation and Canadians, as
Friedman is a Montreal-based legal
expert who advises clients in the
digital currency industry and acts as
general counsel to the Bitcoin
Embassy .
Friedman has also proved open to
collaboration – especially with the
other Canadian national non-for
profit, which could be seen by some
as a competitor: the Bitcoin Alliance
of Canada.
Her goal is to put a ‘face’ on bitcoin,
so Canadians can shift their
perception from “thinking that
bitcoin got shut down or is illegal to
understanding how disruptive and
awesome this technology really is”.
She hopes that the Foundation will
help as a “unified voice to
the public” and “speak to politicians,
and the public sector, as well as
players in the public sector” about
the incredible technology.
Furthermore, she would like to see it
as a place for people to go
to acquire resources, to learn more
and to interact with the
technology and currency.
Boots on the ground
This should be good news for the
bitcoin industry to
hear. Transparency, process and
clarity on how decisions are made
are essential for any organization to
grow, thrive and contribute positively
to the environment in which it
operates.
Friedman’s first steps as a new
board member include possibly
setting up CBF meet-ups all over the
country, to grow the organizations’
presence across Canada.
“As I understand,” she explains, “the
bitcoin community in some Western
provinces like Alberta is not as
robust as in Ontario or Quebec – CBF
can share knowledge and capacity to
help change this”.
Guillaume Babin-Tremblay, founding
member of the CBF, believes
Friedman is a positive choice for the
foundation.
Babin-Tremblay said:
“Jillian will make a great addition to
our team. Having a Bitcoin legal
expert on our board will be a great
advantage in our
ongoing discussions with regulatory
agencies.”
Exchanges aim to lead local
industry
With regards to the industry seat,
the first round of voting resulted in
a tie between British Columbia-
based exchange Quadriga CX,
represented by Gerald Cotton , and
Quebec-based exchange Morrex Inc. ,
represented by Philippe-Antoine
Plante .
After the second round of voting,
Morrex Inc. took the coveted
industry seat.
Located in Sherbrooke,
Quebec, Morrex Inc. appears to be
the only Quebec-based exchange in
operation.
Francis Pouliot, director of Public
Affairs for the Canadian
Bitcoin Foundation helped organize
the elections on behalf of the board,
and was pleased with how the
process was conducted smoothly and
without controversy.
He said:
“[I was] very pleased with the high
participation rate and general
conduct of this first Board of
administrator’s elections.”
Local competition
Of course, one potential roadblock to
these goals is community support.
Bitcoin Foundation Canada is
Canada’s second national ‘Bitcoin
board’, with the Bitcoin Alliance of
Canada looking to accomplish a
similar set of goals. Given that there
two organisations seeking to promote
the industry, there have been
questions regarding whether the two
organizations work together.
Canada is known for its openness to
our new technology.
Many businesses set up shop in
Canada due to our (seemingly)
secure financial position in the
world marketplace. By comparison,
the US can often be seen as a
hostile environment in which to
operate business given the
uncertainty and high cost of
regulation.
However, issues still remain: bitcoin
has bad PR in Canada. People who
know of it know of the scandals. As
such, there is hope that these
organisations will be able to advance
the conversation in an organised
manner.
Challenges ahead
Although bitcoin in general is not
faced with the type of resistance in
Canada as it is elsewhere in the
world, Canada has hurdles to mass
adoption.
CAVirtEx , one of the country’s largest
digital currency
exchange, explained quite clearly in
a Senate hearing earlier this year
that they needed bank accounts, or
would continue to face operational
difficulties.
As such, Friedman envisions BFC as
“…a bridge for the traditional
financial services economy
and anyone for that matter”.
She told CoinDesk:
“One major problem many bitcoin
businesses encounter is
maintaining banking relationships.
While this may change with greater
clarity as to the legal obligations of
bitcoin businesses with respect to
anti-money laundering compliance –
this is an issue that is on CBF’s
radar – as it directly prejudices the
growth potential of the industry
here in Canada.”
Ms. Friedman hopes to increase the
visibility of the Foundation to
the Canadian mainstream, and also
“create a transparent organization –
where members know what is going
on and how decisions are made”.
One way to do this, she says, is by
having more frequent updates
and newsletters.
With the elections concluded, the
local ecosystem is optimistic that
both the Alliance and the
Foundation will cater to those it
serves: members and the general
public.
Remaining focused on the overall
goal and not getting influenced by
politics, competition and in-fighting
will prove to be the largest
challenge for these two centralized
organizations.
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